By: Chris Mullen, Gold-Seeker.com - 13 February, 2009
Gold fell as much as $15.30 to $932.40 by about 10AM EST, but it then rallied back higher into the close and ended with a loss of just 0.79%. Silver dropped as much as $0.27 to $13.23 by about 9AM EST, but it then surged higher in the last four and a half hours of trade and ended near its high of $13.712 with a decent gain of 0.96%. Full Story
THE SPOT PRICE of gold slipped 1.9% from a fresh 7-month high for US investors early in London on Friday as world stock markets rallied. The Gold Price also retreated from new all-time highs for British and Euro buyers – hit just after the end of New York trade yesterday – at £671 and €744 respectively. Full Story
Gold rose again yesterday, briefly rising above $950/oz and was up 0.6% on the day. Determined selling on the open in Asia saw gold fall and profit taking has seen gold fall in Asia and in early trading in London. This is to be expected as gold had risen by more than 15% in less than a month. Full Story
There are apprehensions over the pace of recovery of global growth which has resulted in more and more investing in gold and other safe havens. The delinking from the US dollar of precious metals is clearly an example of investor’s apprehension to invest in equities and other traditional forms of investment. Full Story
By: Chris Mullen, Gold-Seeker.com - 12 February, 2009
After mixed trade in Asia and London gold dropped as much as $5.42 to $937.03 in midmorning New York trade, but it then climbed back higher for most of the rest of trade and ended near its high of $949.50 with a gain of 0.56%. Silver climbed as much as $0.23 to $13.75 by late trade in Asia before it fell to see a loss of $0.21 at $13.31 by about 9:30AM EST in New York, but it then rallied back higher into the close and ended with a loss of just 0.15%. Full Story
Gold remains firm having pushed through important resistance at 929.37/930.10 on Wednesday. This was a rather bullish technical event, targeting the 950/960 zone initially, but potential at this point is back to 988/1,000. Full Story
THE PRICE OF GOLD held steady ahead of the US opening on Thursday, recording the best London Gold Fix in 7 months at $944 an ounce. World stock markets tumbled despite US lawmakers nearing final approval of their $789 billion stimulus bill. Full Story
Gold surged a further 3.3% yesterday to $942.45 (as did silver) as worries about the U.S. and global financial system and economy continue to grow and governments print money on an unprecedented scale to combat the economic crisis. Asian and European stock markets are again under pressure this morning. Full Story
Gold rises on safe have demand while all other commodities have fallen. There is still no certainty over the fate of the US banking system. They will be rescued but whether the plan will be successful or not there are real doubts over the same. Full Story
By: Chris Mullen, Gold-Seeker.com - 11 February, 2009
Gold held near yesterday’s close of $911.60 in Asia, rose over 1% to the $920s in London, and surged even higher in midmorning New York trade to as high as $946.50 by about 11M EST before it dipped back near $940 by about noon, but it then surged to a new session high of $947.42 in the last minutes of trade and ended near that high with a gain of 3.38%. Full Story
THE SPOT PRICE of physical gold bullion touched an 8-session high early in London on Wednesday, turning lower from $927.50 an ounce as world stock markets slipped following Wall Street's shock 5% slump overnight. Full Story
There is resistance at $930/oz and further consolidation may be necessary at these levels prior to closing above this level but gold is looking very strong both technically and fundamentally. Once the technical level of $930/oz is breached we should move quickly to the psychological level of $1,000/oz once again. Full Story
Situation 1: Gold holds $888: A double bottom has been formed at $888 which suggest that if gold holds $888 then it will try to break $933 and $972. (Double bottom has been formed at $888). Full Story
"The metal looks determined to march higher," says precious-metals dealer Mitsui in its latest Gold Investment analysis, "and while...strength in the US Dollar will act to tame rallies, it is difficult to fight this trend. Full Story
By: Rick Ackerman, Rick's Picks - 10 February, 2009
We're not sure we're ready yet to ascribe the trait of arrogance to the new President merely because he has been insinuating that anyone who opposes his economic stimulus package is practically an enemy of the state. If so, then Lew Rockwell would qualify as Benedict Arnold. At his web site, Rockwell was comparing Obama to Bush, post 9/11, asserting that the ex-President had come to the office feeling that he was entitled to start a war. Similarly, says Rockwell, Obama has been acting as though he thinks he's entitled to a blank check for a trillion dollars, so that he can launch his own version of FDR's New Deal. Full Story
The gold market started out under pressure and remained under pressure as a result of what seemed to be a lingering hope that the US was poised to move on its stimulus package. It also seemed as if the gold market was being undermined by anticipation of progress on the US financial sector bailout. In short, the ebb and flow of flight to quality seemed to favor the bear camp on Monday and that was somewhat surprising considering that the Dollar managed a downside breakout on the charts. Full Story
PIMCO's Bill Gross suggests that if the 10-year auction awards yields above 3%, it could result in Fed intervention. If the Fed starts buying treasuries, essentially monetizing our own debt, an upside breakout in gold becomes increasingly likely. Full Story
Anglo meantime slashed its "Gold Hedge Book" – one of the largest forward positions owed by the major gold miners – by one-half, the results showed. Itnow expects to produce between 4.9 and 5.0 million ounces this year at cash-costs per ounce comparable to the 2008 figure of $444 an ounce.
The recent sharp rally in the US dollar appears unsustainable and the USD Index was down 0.64% last week and US bonds also fell again – the 10-Year bond sold off again and the yield rose another 4.75% (from 2.9% to 2.979%). As ever, the bond market remains of fundamental importance and nervousness about the humongous size of the Obama bailout and stimulus packages and talk of central banks printing money to buy government bonds is not helping sentiment here. Full Story
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